Focus on Precious Metals, Trade Quiet, Market Waits to Hear from Bernanke
US Gold prices finished pit trade higher in quiet trade Tuesday. Precious metals were supported by a lower US Dollar index. Short covering and bargain hunting featured.
Aug Gold was last + 7.00 at 1,290.50 oz.
Spot Gold was last quoted + 8.60 at 1,292.25 oz.
Sept Comex Silver last traded + 0.116 at 19.955 oz
World market are looking ahead to Wednesday appearance by US Federal Reserve Chair Bernanke before the US House of Representatives, he will report on US monetary policy and the economy.
Traders hope the Fed Chair will offer clues on when the Fed will start to back off on its QE program. Many still believe the Fed will begin to pare in September, but last week hinted he wants QE to start to wind down later rather than sooner, as he feels the US economic recovery is fragile.
US economic data out Tuesday; consumer price index for June came in a bit higher than expected, + 0.5%, industrial production and capacity utilization was close to expectations. The data has not impacted the market or precious metals.
Reports overnight said demand for physical Gold from India and Asia is growing, this is supportive for the overall Gold market. The word is that central banks are buying Gold at these lowered prices.
The London PM Gold fix is 1,291.50 Vs the prior London PM fixing at 1,284.75.
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